Pi Network has dipped by 5% in the past 24 hours, with the alt’s slide to $1.87 coming after the cryptocurrency market enjoyed a recovery yesterday.
PI is now down by 30% in a week but up by an impressive 57% in 30 days, following its mainnet launch last month.
Its drop today comes as its protocol is about to unlock 188 million PI over the course of the month, adding to its current circulating supply of 7.046 billion PI.
But with the token having a maximum total supply of 100 billion PI, March’s unlock is arguably a drop in the water, with Pi Network continuing to have a bullish long-term price prediction.
Pi Network Set to Unlock 188M Tokens This Month – Will PI Price Crash or Rally?
Pi Network is famously a cryptocurrency in which regular users can mine its tokens, doing so via their smartphones.
As stated above, it has a total max supply of 100 billion PI, with around 7 billion PI in circulation, according to CoinGecko.
It will therefore release coins to miners on a regular basis, with its explorer indicating 188 million PI is unlocking this month.
Source: ExplorePi
Yet every month will see a substantial release of new PI, with June and July of this year being particularly busy, with around 220 million and 230 million PI unlocking, respectively.
This schedule will continue for several years until users have mined all 100 billion PI, so it’s something to which holders and investors should become accustomed.
And to be fair, the news of March’s unlock hasn’t impacted PI’s price too heavily, with its chart today showing the coin in an interesting position.
Its 30-period moving average (orange) recently climbed over the 200-period average (blue), a sign that it has entered a growth period.
Source: TradingView
Yet we also see its RSI (purple) declining after passing 70 yesterday, which could be taken as a sign that it will fall some more over the next one or two days.
However, when combined with its 30-period average, the fact that the RSI had been below 50 for just over a week should mean that more gains are coming.
Exchange listings will make gains even likelier, with Binance holding a recent community vote that would suggest it may list the token quite soon.
As such, Pi Network’s price could hit $2.50 in the next few weeks, before reaching $3 by the end of Q2.
Newer Alts May Have More Potential
For traders still unsure about Pi Network, there are numerous other alts in the market right now that are showing some very strong potential.
This includes numerous presale coins, with some of the more popular such coins likely generating enough momentum to have big listings in the next few weeks.
One prime example of this is Meme Index (MEMEX), a new ERC-20 token that has already raised over $3.9 million in its ongoing sale.
What’s exciting about Meme Index is that it’s launching the market’s first ever decentralized meme coin indexes, which will enable investors to spread their risk across multiple tokens.
On launch it will offer four such indexes, which will track different kinds of meme tokens with different risk profiles.
The Titan index will track established tokens such as Dogecoin, Shiba Inu and Pepe, while the MidCap, Moonshot and Frenzy indexes will focus on smaller but potentially more profitable coins.
And because these indexes give investors the chance to spread their risk across multiple coins, they may in the longer term help them make bigger profits.
As the platform’s native token, MEMEX will be stakeable and will also endow holders with governance rights, with its community able to vote on new indexes.
Investors can join Meme Index’s presale by heading over to its official website, where MEMEX is currently selling at $0.0149831.
Its sale will end in 25 days, so investors should act quickly if they don’t want to miss out on the potential for market-beating returns.
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